Germany’s Trei Real Estate has sold a residential development in Mainz to investment and asset manager Competo, acting on behalf of the Joachim Herz Foundation.
Consisting of 95 rental apartments, the Lotsenhof project is under construction since September 2021 with completion due by Q4 2023.
Located at the 5,945 m2 Hafeninsel III development site on the side of a canal, it is being built to the KfW-55 sustainability standard and will include a greened inner courtyard and 76 underground parking spots.
Frank Teupe, head of investment management at Competo Capital Partners, commented: ‘We’re glad we were able to secure such an attractive residential development for the Joachim Herz Foundation. We expect to see strong demand for apartments, especially since the macro-environment has plenty of potential: Wiesbaden and Frankfurt are only a few kilometres away, while Mainz is home to a whole variety of high-end companies and higher education institutions.’
Pepijn Morshuis, CEO of Trei, added: ‘Lotsenhof is the first project in Germany that Trei has handled in an exit developer role. With the growth of our German development pipeline, it is quite conceivable that we may continue to sell fully completed property developments in the future.’
The general contractor is MBN GmbH, while Düsseldorf-based HPP Architekten GmbH is responsible for the architectural design and the integrated planning.
CBRE brokered the transaction.
The Lotsenhof site is part of an urban quarter being developed by several investors around the former customs port on the bank of the Rhine that will include residential real estate, retail, gastronomy and recreational facilities.
Trei is also developing the Fischerhof residential development at the adjacent Hafeninsel II site in Zollhafen, consisting of 88 rental apartments.
When completed in Q1 2024, it will be added to an open-ended special AIF that Competo launched together with INTREAL as third-party AIFM in the form of an individual fund mandate on behalf of the Joachim Herz Foundation in Hamburg.
